CSEC Economics · May/June 2011 · Paper 2 · Question 2(c)
Explain TWO factors that affect price elasticity of demand.
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Practise this questionOther parts of this question
- 2(a)(i)Define income elasticity of demand.[2 marks]
- 2(a)(ii)Define cross elasticity of demand.[2 marks]
- 2(b)Identify ONE factor that affects income elasticity of demand.[1 mark]
- 2(d)(i)Using the information in Table 1, calculate the price elasticity of demand for Product X when the price changes from US
5 to US3.[3 marks] - 2(d)(ii)Interpret the result obtained in (d)(i).[1 mark]
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